: Banking Act of 1933

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Banking Act of 1933

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Abstract

“ Sec. 12B. (a) There is hereby created a Federal Deposit Insurance Corporation (hereinafter referred to as the ‘ Corporation’), whose duty it shall be to purchase, hold, and liquidate, as hereinafter provided, the assets of national banks which have been closed by action of the Comptroller of the Currency, or by vote of their directors, and the assets of State member banks which have been closed by action of the appropriate State authorities, or by vote of their directors; and to insure, as hereinafter provided, the deposits of all banks which are entitled to the benefits of insurance under this section … .

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